Thumzup Media Corporation has announced an ambitious stock buyback initiative, pledging to repurchase up to $10 million in its shares. Following the announcement, shares of Thumzup (traded as TZUP on the Nasdaq) surged approximately 6%, reaching around $4.82 per share. This uptick, however, comes in the context of a significant decline since early August when the stock peaked at $16.49, with its value now down roughly 20% over the past month.
The buyback program, which is set to continue through the end of 2026, follows the company’s recent completion of an initial $1 million buyback, during which it repurchased 212,432 shares at an average price of $4.71. Although the firm currently holds around $4 million in cryptocurrencies, including approximately 19.1 Bitcoin valued at $2.17 million and 7.5 million Dogecoin worth about $1.83 million, it is also expanding its investment strategy. The board has authorized purchases of additional cryptocurrencies such as Ethereum, XRP, Solana, Litecoin, and USDC stablecoin.
CEO Robert Steele expressed confidence in the company’s long-term strategy, stating that this buyback reflects its commitment to delivering value to shareholders. He highlighted the firm’s balanced approach, which not only involves the strategic accumulation of digital assets but also focuses on investing in its underlying infrastructure to ensure sustained growth.
In a notable move to enhance its cryptocurrency capabilities, Thumzup has also signed an agreement to acquire DogeHash Technologies, a Dogecoin mining operation that currently operates 2,500 active mining rigs, with an additional 1,000 rigs expected for delivery. This acquisition, pending shareholder approval, aims to broaden Thumzup’s mining operations.
Thumzup is not alone in this approach; several other crypto-focused firms have implemented stock buyback programs in recent months. Notably, companies like SharpLink Gaming, ETHZilla, and the DeFi Development Corporation, which focuses on Solana, have also announced substantial buyback schemes—DeFi Development Corporation, for example, revealed plans to repurchase up to $100 million worth of shares, underscoring a broader trend among crypto treasury companies to appease investors through such financial maneuvers.
